E11-5 Mesa Corporation recently hired a new accountant with extensive experience inaccounting for partnerships. Because of the pressure of the new job, the accountant wasunable to review what he had learned earlier about corporation accounting. During thefirst month, he made the following entries for the corporation's capital stock.000.00000018May 2104,000CashCapital Stock(Issued 8,000 shares of $10 par value181odrcommon stock at $13 per share)104,000TIOS10Cash530,000mowwf.co530,000Capital Stock(Issued 10,000 shares of $20 par valueala 12preferred stock at $53 per share)000.015Capital StockCash(lsलि7,200000 007,200029(Purchased 600 shares of common stockfor the treasury at $12 per share)ndz 090.04000,00000.000InstructionsOn the basis of the explanation for each entry, prepare the entries that should have beenmade for the capital stock transactions.

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Answered: E11-5 Mesa Corporation recently hired a…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Please show the solution in good accounting form. 8. How much is the total shareholders' equity at year-end?
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Required information [The following information applies to the questions displayed below.] Worldwide Company obtained a charter from the state in January that authorized 200,000 shares of common stock, $10 par value. During the first year, the company earned $37,700, declared no dividends, and the following selected transactions occurred in the order given: a. Issued 55,000 shares of the common stock at $12 cash per share. b. Reacquired 1,500 shares c. Reissued 750 of the shares in transaction (b) two months later at $18 cash per share. $15 cash per share from stockholders; the shares are now held in treasury. Required: 1. Indicating the account, amount, and direction of the effect on above transaction. (Enter any decreases to Assets, Liabilities and Stockholders' Equity with a minus sign.) Assets Liabilities Stockholders' Equity a. b. C. II
Required information [The following information applies to the questions displayed below.] Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock, $5 par value. During the first year, the company earned $400,000 of net income and declared no dividends; the following selected transactions occurred in the order given: a. Issued 100,000 shares of the common stock at $55 cash per share. b. Reacquired 25,000 shares at $50 cash per share. c. Reissued 10,000 shares from treasury for $51 per share. d. Reissued 10,000 shares from treasury for $49 per share. 3. Prepare the stockholders' equity section of the balance sheet at December 31. (Amounts to be deducted should be indicated by a minus sign.) Contributed Capital: Total Contributed Capital Total GLOBAL MARINE Balance Sheet (Partial) At December 31 Stockholders' Equity Total Stockholders' Equity
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Required information [The following information applies to the questions displayed below.] Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, $11 par value, 11,900 shares authorized. During the year, the following selected transactions were completed: a. Sold 7,000 shares of common stock for cash at $22 per share. b. Sold 2,200 shares of common stock for cash at $27 per share. c. At year-end, the company reported net Income of $6,100. No dividends were declared. Required: 1. Prepare the journal entries required to record the sale of common stock in (a) and (b). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 2 1 Sold 7,000 shares of common stock for cash at $22 per share. Note: Enter debits before credits. Transaction a. Record entry General Journal Clear entry Debit Credit…
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Please show the solution in good accounting form. 5. How much is the TOTAL treasury share capital? 6. How much is the Retained earnings, END? 7. How much is the Retained earnings, end - UNAPPROPRIATED?

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